{"text":[[{"start":11,"text":"Brussels is set to launch an in-depth foreign subsidies investigation into Chinese ecommerce group JD.com’s bid for German electronics retailer Ceconomy, in the latest sign the EU is taking a more aggressive stance towards Beijing. "}],[{"start":26.15,"text":"The decision, which people familiar with the matter said was expected to be announced later this week, would be the first time a Chinese takeover has been the target of a detailed probe under the EU’s foreign subsidies rules and comes ahead of a debate among commissioners on the bloc’s stance towards China."}],[{"start":42.95,"text":"China’s JD.com launched its €2.2bn bid for Ceconomy, which operates more than 1,000 stores across Europe under the MediaMarkt and Saturn brands, last July. "}],[{"start":54.85,"text":"Billed as one of the largest Chinese investments in Europe in recent years, the deal was initially expected to close in the first half of 2026."}],[{"start":63.150000000000006,"text":"But the European Commission has decided to pursue an in-depth probe that will hand Brussels an extra 90 working days to examine whether the deal involves unfair subsidies, people briefed on the decision said, in a move that threatens to further complicate the transaction."}],[{"start":78.4,"text":"The EU’s foreign subsidy regulations allow Brussels to block companies subsidised by foreign governments from public procurement, mergers and acquisitions."}],[{"start":88.4,"text":"Although not specifically aimed at China, the rules have been used to target Chinese companies amid growing concern that oversupply by the world’s largest manufacturer is jeopardising European industry. "}],[{"start":100.55000000000001,"text":"The EU’s competition chief Teresa Ribera has previously said the bloc is set to pursue more subsidy investigations against foreign companies investing in the bloc as it steps up efforts to combat what it sees as unfair competition."}],[{"start":115.10000000000001,"text":"JD.com is one of China’s largest online retailers, competing with Chinese groups Alibaba and Meituan, and already operates logistics hubs in the UK, France and Germany."}],[{"start":128.05,"text":"The company considered a bid for UK electronics retailer Currys, but withdrew its interest in March 2024."}],[{"start":136.65,"text":"Austria’s foreign investment watchdog had already raised concerns about JD.com’s planned acquisition of the MediaMarkt owner, and a German decision also remains outstanding. "}],[{"start":147.45000000000002,"text":"A spokesperson for the European Commission declined to comment. Ceconomy also declined to comment. JD.com did not reply to a request for comment."}],[{"start":166.20000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1779851367_9120.mp3"}